[Congressional Record (Bound Edition), Volume 147 (2001), Part 12]
[Extensions of Remarks]
[Pages 16608-16609]
[From the U.S. Government Publishing Office, www.gpo.gov]



           RECOGNITION OF RICHARD H. WALKER'S PUBLIC SERVICE

                                 ______
                                 

                         HON. CAROLYN McCARTHY

                              of new york

                    in the house of representatives

                      Thursday, September 6, 2001

  Mrs. McCARTHY of New York. Mr. Speaker, I rise in recognition of 
Richard H. Walker of New York State. Today, we bid him farewell as 
Director of Enforcement of the Securities & Exchange Commission and 
commend him for his ten year SEC tenure. More importantly, today, we 
offer our deep gratitude for his service to the American people.
  An attorney by profession, Mr. Walker shared many years of his life 
as a public servant. He began his service to the SEC as the Director of 
Northeast Regional Office in 1991. He later moved to Washington, DC to 
become General Counsel and then, in 1998, he took the reigns as 
Director of Enforcement, the Commission's largest division. Mr. Walker 
has worked tirelessly for reform in securities litigation and earned 
his reputation as a brilliant,

[[Page 16609]]

dedicated, and creative leader. As he returns to work in the private 
sector, Mr. Walker humbly calls his service to the SEC the ``highlight 
of his legal career''. We call his commitment an extraordinary 
contribution.
  America's investors benefited greatly while Mr. Walker headed the 
SEC's nationwide enforcement effort. He led the division's fight 
against earnings management and other financial reporting abuses. He 
was the key force behind some of the most significant financial fraud 
cases ever brought forward in the history of the Commission, including 
those cases against: W.R. Grace, Cendant, McKesson HBOC, Microstrategy, 
Sunbeam, Arthur Andersen, and the 1999 landmark auditor independence 
case against PricewaterhouseCoopers.
  A well-respected leader, Mr. Walker also stood out as a team player. 
He forged working relationships with state and local prosecutors and 
the FBI, resulting in a record numbers of criminal prosecutions for 
violations of federal securities law. He passion for justice was 
evident as he attacked organized crime in securities activities by 
coordinating civil and criminal prosecutions. He led several major, 
successful undercover sting operations, revealing the largest number of 
people ever charged with securities fraud.
  The Commission also established the Internet Enforcement Program to 
combat internet securities fraud under Mr. Walker's direction. Because 
of Mr. Walker's efforts, an estimated 250 violators were held 
accountable. He rose to the challenge of advancing technology with 
characteristic determination.
  Mr. Walker received many awards for his outstanding contributions 
during his ten years at the SEC, including: two-time receipt of the 
Chairman's Award for Excellence, the Commission's Distinguished Service 
Award, the Commission's Law and Policy Award for his key role in the 
government's successful appeal in U.S. vs. O'Hagan, a landmark case 
which upheld the misappropriation theory of insider trading. Today we 
award him with our deep gratitude and recognize him as an exemplary 
model of all that is good and right with our government.
  I applaud him for his achievements while serving in three demanding 
positions at the SEC and thank him on behalf of all those whose lives 
he affected for the better. As he returns home, he leaves an important 
part of our government in better condition than when he arrived. He 
laid the valuable groundwork for our continued efforts to carry out the 
SEC's mission of investor protection. But most importantly, Mr. Walker 
reaffirms our confidence in caring, effective public service.
  Mr. Speaker, on behalf of the U.S. House of Representatives, I wish 
Mr. Walker the best of luck in his future endeavors and well-deserved 
success!

                          ____________________